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Martin Sorrell, the CEO of the world's biggest ad agency, is under investigation over claims of "personal misconduct".

In a statement provided to Mumbrella, a WPP spokesperson, said: "The Board of WPP has appointed independent counsel to conduct an investigation in response to an allegation of personal misconduct against Sir Martin Sorrell, Chief Executive Officer of WPP". The company said the amounts involved aren't material.

"I understand that this process will be completed shortly", he said in a statement.

Sir Martin, 73, has been at the helm of WPP for more than three decades having previously worked at Saatchi & Saatchi and was knighted in the Queen's 2000 New Years honours list.

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This was despite the fact that WPP posted a revenue growth of 1.7% to US$19.703 billion for 2017. Other major advertising companies, including Interpublic Group of Cos. and Omnicom Group Inc., have also declined.

The company statement and the WSJ report gave no further details on the accusations. The conglom reported a 0.9 percent drop in revenues. Sorrell said the outlook is deliberately cautious. Guy Jubb, who led the charge while he was head of corporate governance at Standard Life and is now an academic, spoke before Tuesday's developments.

Sorrell has headed WPP since 1986, and has no clear successor. "Failure to do so will inevitably impact on investor confidence and open the door for activists".